Figure Technology Solutions’ $1 billion loan origination month is the latest sign that real-world assets are finding significant traction on-chain, blurring the lines between traditional finance and DeFi.
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Figure hits $1 billion in monthly loans as RWA market heats up
Figure Technology Solutions, a blockchain-based market infrastructure firm, originated more than $1 billion in loans in March, bringing its first-quarter total to $2.9 billion and signaling a breakout moment for tokenized credit on-chain.
“We’re building a marketplace where credit can move efficiently, without all the traditional layers,” Mike Cagney, CEO of Figure Technology Solutions, told CoinDesk.
The March figure puts the company on an annualized volume of roughly $12 billion, a significant scale for a model built on tokenizing real-world credit assets. According to Cagney, the firm’s value comes from three advantages: lower costs from cutting out intermediaries, improved liquidity through a real-time marketplace, and broader access by connecting assets to decentralized finance (DeFi) protocols on networks like Solana and soon, Ethereum.
This milestone validates a years-long effort to rebuild the plumbing of credit markets on the blockchain, a move that aims to democratize access to yield-generating products historically firewalled within traditional finance. By converting loans into tokens, Figure can pool them into standardized vaults on its Forge platform, making them available as collateral in DeFi.
RWA Sector Sees Broad Growth
Figure’s success is not happening in a vacuum. The broader real-world asset (RWA) sector is showing strong fundamentals, with Ondo Finance reporting $13.26 million in Q1 2026 revenue as its total value locked grew to $3.53 billion. Ondo, which focuses on tokenizing assets like U.S. Treasuries, has secured partnerships with major financial players including Fidelity, PayPal, and Franklin Templeton, commanding over 60% of the tokenized equities market, according to a Blockonomi report.
Solana Emerges as RWA Hub
The growth is fueling entire ecosystems, with the total value of real-world assets on the Solana blockchain climbing to $2.5 billion, a more than tenfold increase from $215 million a year prior. The network hosts a diverse range of tokenized products, from BlackRock’s BUIDL, a tokenized money market fund with over $231 million in value, to Maple Finance’s private credit token, syrupUSDC, which holds nearly $165 million. This expansion beyond crypto-native assets into traditional instruments like credit, treasuries, and reinsurance shows a deepening market maturity.
For his part, Cagney sees a long runway for growth, arguing that blockchain is a uniquely transformative technology. While pragmatic about its use—financial abstractions like loans and securities are ripe for tokenization, while physical property may not be—he is confident in the mission. “Someone has to do the work to get there, and that's exactly what we're doing," he said.
This article is for informational purposes only and does not constitute investment advice.
[1] Figure’s $1 billion month signals breakout moment for tokenized credit[2] ONDO Finance Leads RWA Space With Strong Q1 2026 Fundamentals and Institutional Partnerships[3] Figure shares sink 9% as $1B lending milestone meets market volatility - MSN[4] Solana’s RWA Market Surges to $2.5 Billion as Tokenized Assets Gain Momentum - MEXC Exchange
